IBIT 4,648-Contract Call Spread Sees $377K Outlay—Slightly Bullish Option Skew Supports Positive Momentum
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High-Volume Call Spread in IBIT Generates 1.7% Gain as Stock Ticks Higher
A major options trade in the iShares Bitcoin Trust ETF (IBIT) surfaced this week, featuring a large call spread position built with 4,648 contracts. The structure and timing—alongside a $377,000+ outlay—immediately raise questions about the market outlook driving such a bet. With IBIT rallying to 71.13, buyers of the spread realized a modest 1.7% mark-to-market gain within just two hours of the trade’s execution.
Trade Details: Call Spread Built for Defined Risk/Reward
The call spread was executed on October 6, 2025, at 09:30:28 ET and focused on November 21, 2025, expiration. The trader purchased the 68/71 call spread for a VWAP of 1.62, as the ETF traded near 70.98. As of 11:30:00 ET, the spread's value moved to 1.65, generating an average gain of 0.03 (1.7%) for early buyers. The stock itself edged up by 0.15 over the same interval, reinforcing the directional bullish view.
| Options Expiration | Strike Prices | Contracts | VWAP Price | VWAP Bid | VWAP Ask | Reference Price | Days to Expiry |
|---|---|---|---|---|---|---|---|
| 21-Nov-25 | 68-71 Call Spread | 4,648 | 1.62 | 1.51 | 1.75 | 70.98 | 46 |
In total, buyers spent roughly $377,000 (1.62 x 4,648 x 100) for the spread. If IBIT closes at or above $71 by November 21, they could net about $320,000 in profit. That requires the ETF to finish above the upper strike by expiry—an outcome currently just 0.9% above the stock’s present price. You can use this multi-leg trade analyzer to dig into similar IBIT multi-leg option activity.
Technical Indicators Are Bullish—IBIT Continues to Outperform SPY Across Timeframes
Momentum indicators back up the optimism reflected in the call spread trade. At 71.13, IBIT is trading 9.2% above its 20-day and 50-day moving averages and an impressive 27.6% above the 250-day average. The fund is less than 1% below its 52-week high and has soared 112.6% from the yearly low.
Across all observed periods, IBIT consistently outpaced the broader market. In the last year, it delivered a 104.9% gain versus 19.5% for the SPY ETF. Recent short-term moves echo this trend: 8.8% for IBIT over the past two weeks (SPY: 1.1%), 11.6% for the past month (SPY: 4.6%), and a strong 52.8% gain over six months (SPY: 25.7%). This pattern underscores ongoing investor interest and bullish sentiment for IBIT, possibly helping explain the enthusiasm for the upside call spread.
| Duration | IBIT Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +1.9% | 70.71 | 71.35 | +0.3% |
| 2 Week | +8.8% | 61.58 | 71.35 | +1.1% |
| 1 Month | +11.6% | 61.58 | 71.35 | +4.6% |
| 3 Month | +14.4% | 61.04 | 71.35 | +7.6% |
| 6 Month | +52.8% | 42.98 | 71.35 | +25.7% |
| 1 Year | +104.9% | 33.47 | 71.35 | +19.5% |
| YTD | +34.1% | 42.98 | 71.35 | +15.4% |
| 3 Year | -- | -- | -- | +88.8% |
| 5 Year | -- | -- | -- | +110.8% |
Skew Indicators Are Slightly Bullish—Options Market Aligns With the Call Spread
Forward-looking option indicators also reinforce a positive bias. The 30-day implied volatility skew sits at a 52% rank—signaling a slightly bullish market posture when benchmarked against the last year. This reading implies a modest edge for calls versus puts and supports the thesis behind the sizable call spread wager. Traders and analysts tracking sentiment may find the multi-leg trade screener a useful tool to monitor similar spread activity and compare sentiment shifts across the ETF landscape.
Takeaway: Calculated Bullishness Backed by Strong Technicals and Market Sentiment
The recent 4,648-contract call spread in IBIT suggests a strategic bet that leverages a limited-risk approach to capitalize on further price gains. Technical outperformance, robust returns across all durations, and a slightly bullish options skew combine to validate the logic behind this position. With IBIT showing consistent market-beating momentum and positive signals from options activity, investors may want to watch how the ETF reacts leading up to the November expiration. The scale and risk/reward of this spread make it a standout trade—especially for those searching for evidence of institutional conviction in the current market.
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